Crude oil prices have surged over the past three weeks, with Brent climbing from this month's low of $70 to $100 on Thursday.
West Texas Intermediate (WTI) has jumped from $67.20 to $93.50 over the same period.
Despite this over 30% rally from the monthly low, strategists have been surprised that oil prices are not even higher, given the ongoing US-Iran and Russia-Ukraine conflicts.
Conditions for Higher Crude Oil Prices Exist Fundamentally, oil prices should be much higher than where they are today.
The US-Iran war has escalated with no end in sight.
